Global Fungicides Market: Market Players Expands the Presence of their Product Range in the Emerging Areas of the World

Global Fungicides Market

Fungicides are a type of pesticides that are used for the protection of crops against any fungi or spore growth. These products are produced as biochemical compounds that are incorporated with various inhibitors that help in the reduction of growth any harmful fungi in crops. These chemical compounds are highly effective in promotion of agricultural yield from the same land, providing better quality of the crops which result in higher profit margins for the farmers.

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Fungicides market is growing due to increasing incidences of pest attack, changes in agriculture techniques; the effects of these factors are mentioned below:

  • Increasing incidences of pest attack: Rising levels of pest attacks has given rise to the need for employing better solutions that can be used to prevent against any incidences of pest infestations. These solutions range from traditional and modern product range. Although, the effectiveness of modern solutions is significantly greater and it is valid as the intensity and volume of pest attacks occurring in various agricultural areas is rising significantly. This leads to immeasurable crop loss, and subsequently low volume of harvested yield
  • Changes in agriculture techniques: Agricultural practices have been transformed from being labor-intensive to capital-intensive. This shift in preference is due to the requirement of providing higher output yield from the same land which can then subsequently be used to generate greater revenues out of the land. This trend is also impacting the demands for various capital-focused products as they are more expensive as compared to the conventional methods of crop protection but can be highly effective in comparison

Strategic acquisitions and product innovations presented by various market players:

  • In February 2018, Crystal Crop Protection announced that they had acquired a manufacturing facility belonging to Cytec India, situated in Nagpur. This facility can incorporate the company’s existing R&D operations along with the manufacturing operations. This acquisition will help in the enhancement of manufacturing capabilities, helping in the inclusion of a new innovative range of product range
  • In November 2018, Crystal Crop Protection announced that they had acquired three brands from Syngenta AG’s Indian-based business unit. The brands dealing in insecticides and fungicides will help in expansion of Crystal Crop Protection’s product range for pulses, cotton, rice, wheat, vegetable and grapes. The brands are “Proclaim”, “Tilt” and “Blue Copper”

The market is segmented on the basis of type as benzimidazoles, dithiocarbamates, phenylamides, chloronitriles, strobilurins, triazoles, others; crop type is categorized into cereals & grains, oilseeds & pulses, fruits & vegetables, others; mode of application as foliar spray, soil treatment, post-harvest, seed treatment; form as liquid form, water-disposable granule, wettable powder.

“According to Data Bridge Market Research, global fungicides market is expected be growing with a substantial CAGR of 5% during the forecast period of 2018 to 2025”

Some of the major players operating in market are BASF SE, The Dow Chemical Company, DuPont, Sumitomo Chemical Co., Ltd, Syngenta, Bayer AG, FMC Corporation, ADAMA India Private Limited, Nufarm Limited, NIPPON SODA CO., LTD, FMC Corporation, Monsanto Company The Dow Chemical Company, UPL and LANXESS among others.

The population explosion in a number of different regions has been accompanied by the enhancement of agricultural operations in various developing regions of the world. This expansion strategy is also having a positive impact on the various associated industries and their products, with pesticides and fertilizers consisting of the industries that have had a positive impact on their demands. This trend represents an emerging opportunity for the fungicides manufacturers as they can look towards untapped developing regions of the world to expand their business operations.